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Refinancing MFIs with market power: theory and evidence

Arnold, Lutz G. ; Booker, Benedikt ; Dorfleitner, Gregor ; Röhe, Michaela


Microfinance investment vehicles (MIVs) play an increasingly important role as a source of funding for microfinance institutions (MFIs). This paper presents theory and evidence on the relation between the use of MIV capital and MFI market power. We present a model in which MIVs are social-minded in that they do not lend to MFIs which exploit their market power in the market for microcredit. ...


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